1. INTRODUCTION:

Financial Performance, often used by shareholders and/or investors to proxy company performance, in the general sense, signifies the extent to which firms financial goals are being met or have been achieved. Thus, it’s employed to quantify the results of a company’s operations, policies and processes in financial or economic terms.

It’s an essential feature in finance risk management. It’s employed to gauge a firm's total financial healthiness within a specified time period. The financial performance of any firm gives an indication of how efficiently management deploys or utilizes the resources of the business to deliver results and meet budgetary expectations. It also establishes the liquidity and solvency positions of firms’ at any given time. The financial position/ health is often assessed with the use of Financial Analysis, which comprises the examination of financial statements and reports. Notwithstanding the limitation of financial statements not disclosing exhaustive information associated with the financial processes of a firm, they give ample information on the profitability and financial soundness of a firm.

Businesses and key stakeholders to whom the financial performance of the firm is relevant include management, employees, and shareholders, individual and institutional investors, creditors, competitors and Governments (for tax purposes). Hence there is need or justification for a robust review of the status of existing literature on the topic and to identify lapses in the status quo. This will establish the basis for a thorough investigation of the financial performance of a telecom company in Ghana, which is the specific topic of research. Ghana’s telecom industry comprises of four key players with the dominant player, MTN, controlling over 50% of the market share. It is the highest corporate tax payer in Ghana. In 2016, MTN, according to its financial statement, paid 1.1 billion Ghana Cedis, approximately 2.6 million dollars in taxes and fees to the government.

2. LITERATURE REVIEW:

Existing literature on financial performance across industries as well as those outside Ghana were reviewed. The reviewed works involved studies that;

i) employed ratio and other statistical analysis on the financial statements of firms to determine the financial performance

ii) examined the relationship between perceived relevant factors such as Corporate Social Responsibility (CSR), Capital Structure and financial performance. Others also evaluated the impact of particular operational practices like JIT, TQM, services outsourcing and ISO certification on financial performance

iii) generated models for financial performance examination based on derived metrics from firms selected key performance indicators.

2.1 Literature Review on financial performance of firms:

Mikailu et al¹ employed pooled ordinary least square regression to examine how corporate governance mechanisms relate to their financial performance. The parameters used in measuring firm performance were RoE, RoA, Price- Earnings ratio and Tobin’s Q. The study advocated for concentrated instead of the ownership of diffused equity. It also made a case for a ten membership board and contended for a separate CEO position from board chair. Notwithstanding a lack of evidence to the effect that boards with a greater proportion of external directors excel more than otherwise, the study found that expatriate CEO managed firms tend to attain higher measures of performance than those managed by indigenous CEOs. Some gaps identified in the study are that the sampling criterion was not representative and a more robust statistical method of analysis could have been used instead of the standard OLS regression with its attendant weaknesses.

Tehrani et al² developed a model that evaluates a companies’ performance using the technique of data envelopment analysis. Performance assessment indexes were generated from financial statements as well as ratios from articles and books. Due to the huge number of variables, data envelopment analysis was used to analyze the collected data in the study. Parameters used to measure performance included Liquidity, Activity, Leverage, Economic Added Value, and Profitability ratios. The result of the analysis disclosed that nine out of the thirty-six companies were efficient; implying that the remainder twenty-seven companies were inefficient. Some gaps identified in the study are that it focused on evaluating the selected companies for internal efficiency without some form of ranking. It also excluded qualitative indexes in developing the proposed model.

Sumninder and Samiya³ analyzed how size, solvency, liquidity, equity capital, and leverage impacted on the profitability of some life insurance companies. The research employed multiple linear regression analysis to quantity the extent to which the specified indicators influenced the profitability of the firms over a 5 year period. The sample for this study included 18 Indian life insurers (including 1 public and 17 private). The results of the study revealed that size and liquidity of life insurers positively influenced the firms’ profitability whilst the reverse holds for equity capital. Insurance leverage and solvency showed no interrelatedness with profitability. A significant gap in the work is to do with the restricted number of variables deployed as indicators of the profitability of insurance companies.

Bhunia et al⁴ researched into the financial performance of some public sector pharmaceutical and drug enterprises in India. The research was aimed at assessing both short and long term solvency, profitability and liquidity trends, efficiency of financial processes and to examine determinants of liquidity and profitability behaviors. To evaluate how the chosen ratios jointly influence the financial position and profitability of the firms, the multiple regression technique was used. The research sampled two public enterprises from the pharmaceutical and drug sector that were listed on Bombay Stock Exchange. The performance indicators deployed included solvency, profitability, efficiency, financial stability, operating efficiency and liquidity ratios. It found that both companies had strong liquidity positions. Financial stability of the two companies also demonstrated an increasingly declining trend. A notable gap in the study was the complete reliance on published financial data. Thus, it’s prone to all the weaknesses inherent in the summarized published financial statements.

Sangmi and Nazir⁵ appraised the financial performance of two key banks in India after a reform in the banking sector. The work was centered on a 5 year secondary data obtained from annual reports of the individual banks. The CAMEL model was used for the analysis. The authors established that relative to asset quality, liquidity, capital adequacy and management capability, the banks’ performance were sound and satisfactory. Nonetheless, one of the banks, JKB’s productivity ratios such as earnings and expenditure per employee were relatively better than the other bank, PNB. The limited number of banks used in the study comes out noticeably as a key limitation; since the performance of the two may not adequately proxy the overall impact of the reforms on Indian banks.

Duarte et al⁶ studied the interrelatedness between particular operational practices (TQM, JIT, services outsourcing and ISO certification) and the firm’s profitability and growth as financial indicators. This work sourced secondary data from PAEP database. Data from 3,589 companies in the industrial sector were sampled for the study. The multiple regression technique was employed in the analysis. The study did not find any positive relationship between financial performance and operational practices. A negative association between outsourcing and both profitability and growth was revealed. The study also found a weak negative association between ISO certification and growth. A key shortfall of the work is to do with the use of information contained in a database designed for a different purpose.

Assumptah and Martin⁷ analyzed how Capital Structure affect financial performance of Banks listed in Nairobi Securities Exchange; and explicitly establish how leverage risk, debt equity, debt, interest rate and their blends affect the operations of listed banks in the Nairobi Stock Exchange (NSE). Evaluation metrics employed comprised leverage risk, debt equity ratio, Gross Profit Margin, Debt, interest rates, ROE, ROA and Net Profit Margin (NPM). The study used descriptive research design. Regression and correlation analysis were applied to primary quantitative data. The study established that capital structure influenced the financial performance of 56.4% of the listed banks on NSE. Due to the limited sample size employed in the regression analysis, the resultant model is exposed to grave technical interpretation errors.

Rouf⁸ studied the relationship between Profitability and Corporate Governances Disclosure levels of companies listed in Bangladesh. Data of 94 listed non-financial companies, was sourced from the library of Dhaka stock exchange. Multiple ordinary least squares regression was used. The study established a high positive correlation between profitability and the level of corporate governance disclosure. Major limitation is the use of exclusively non-financial companies, affecting the generalization of the results. Second, the author’s generated disclosure index which was employed in the study is sensitive and can upset the results if the items of information were not properly selected.

Kumbirai and Webb⁹ examined the performance of commercial banks in South from 2005 to 2009. Credit quality, liquidity and Profitability ratios were the metrics deployed in the analysis. The paper relied on descriptive financial ratio analysis to analyze, measure and describe the performance of the banks. The sampling frame included all the banks operational in the country between 2005 and 2009. Top five commercial banks by the value of total assets as at end of the 2009 commercial year were sampled. The study determined that total bank performance improved significantly in the first two years of the study. A substantial variation in trend was observed at the inception of the global financial crisis in 2007, hitting peak levels during 2008-2009. This occasioned decreasing profitability, liquidity and declining credit quality in the South African Banking sector. A notable gap in the study is the use of only three financial ratios which did not permit a comprehensive analysis of the banks financial performance.

Mwangi and Murigu¹⁰ conducted a study to examine the factors that influence the profitability of Kenya’s general insurance firms. Parameters deployed were Return on Assets, Retention ratio, Liquidity, Equity Capital, Size, Management Competence index and ownership. The study adopted a descriptive research design and deployed multiple regression analysis as well. All the twenty three general insurance companies in Kenya were sampled. The research employed a four year secondary data spanning 2009 to 2012. The results showed that higher equity capital, management capability and leverage facilitated improved financial performance of the general insurance companies in Kenya. Foreign ownership and size nonetheless, exhibited an inverse relationship with firms’ return on assets. As a limitation, the research did not consider the structural changes in the Kenyan economy that may affect the financial performance of the general insurance companies’ overtime. Besides, the changes in financial performance may vary over time and a linear model can have a strong limitation in capturing the actual relationship among the variables of interest.

Adesina et al¹¹ evaluated how the capital structure of quoted Nigerian banks relates with their financial performances. Parameters used were profit before tax, equity and debt. The survey research design was employed and data analysis was undertaken by deploying the Ordinary Least Square (OLS) regression to capture the kind of the associations between the banks’ financial performances and the corresponding capital structure. To filter out the banks in the top tier with relatively high capital structure, stratified sampling was adopted for the study. This resulted in the selection of the ten most capitalized banks. The annual reports of the sampled banks were scrutinized and data on pretax profits, debt and equity for 2005 to 2012 period were extracted. The research established a significant positive impact of equity and debt on financial performance of the banks. The gap in the work is the exclusive reliance on OLS in a two variable regression analysis, which may expose the model to technical flaws. The potential threat to the model is its failure to capture the feedback effect of the variables of interest.

Davidson et al¹² aimed at establishing the nature of interrelatedness that exits between financial performance and the culture of an organization. Financial ratios were generated from firms’ income statements for performance analysis. The organizational culture was measured by Denison Organizational Culture Survey method. The survey administration covered a sample of 327 respondents. Correlations coefficients greater than 0.5 level between some subscales (customer focus, team orientation, vision, core values and agreements) and some financial ratios were attained. However, most of the correlations failed the statistical significance test and as a result, the finding were considered as uncertain. Of the four profitability ratios, the cultural trait consistency displayed significant correlation with two. A use of one organization, with the respective departments acting as units of comparison constitute a limitation to the generalization of the findings. Again the methodology assumed, rather unrealistically, that each department would have a unique cultural character that may differ to some extent from each other.

Mahbuba and Farzana¹³ surveyed how CSR relates to profitability of Dutch Bangla Bank Ltd (DBBL). The study employed OLS regression run from SPSS to evaluate the effect of CSR on profitability. Hypothesis testing was employed to validate the claim of CSR expenditure having a direct relationship with profit (after tax). Data for the work was gleaned from the annual reports of the bank for the 2002 to 2011 time period. The research found that 90.7% of the variations in profits of the bank was accountable to the benefits emanating from corporate social responsibility. The use of only one profitability measure, profit after tax, in the research constitute a limitation. The study could have evaluated the relationship between the dependent variable, CSR and other profitability ratios for a wider scope of the analysis and hence conclusions.

2.2 Summary of Literature review on Specific Field of Research:

The reviews above focused on the financial performance of firms in general except the telecom industry. The scope of the works is restricted to basically, the use of financial statements and other non-financial reports to examine the financial health of firms. Others sought to establish the interrelatedness or otherwise of some factors (capital structure, market capitalization etc.) or operational practices and financial performance. They mostly employ financial ratios and statistical analysis tools as techniques for the investigations. All the studies were conducted in geographies outside Ghana. The next review explored works on the financial analysis of companies in Ghana and the telecom sector.

2.3 Literature Review of financial performance of firms in Ghana as well as the telecoms sector:

This section deals with survey, review and analysis of literature pertaining to the specific topic of research identified, thus, financial performance of firms in the telecom and financial sectors of Ghana.

Sebe-Yeboah and Mensah¹⁴ analyzed ADB’s financial performance with the deployment of varied analytical tools. The study delivered an on-going capability to appraise bank’s financial performance. Secondary data, from audited financial statements together with relevant information from other important sources were used. Of the forty-Seven (47) audited financial statements since the bank’s , data spanning 2006 to 2012 were gathered from audited financial statements for the analysis. Vertical and horizontal analysis, Du Pont financial ratio analysis as well as descriptive statistics were employed in analyzing the available financial information. The study found that ADB’s attitude towards the financing of agriculture was shrinking. The liquidity position of the banks indicated a descending trend and fell further down in 2010. Model limitations were identified due to the availability of more robust alternatives for the evaluations done. Thus DEA and CAMELS rating could have been employed for more reliable outcomes. The study also excluded inputs from the customers’ perspective; since customer experience and satisfaction could impact profitability in the long-term.

Anlesinya et al¹⁵ investigated a possible correlation of corporate social responsibility and financial performance of MTN Ghana Limited. Their work also ascertained the extent of variability in the financial performance that was explained by identified constituents of CSR namely, environmental, community, consumers/customers and employees’ responsibility. Questionnaire administration was employed to collect the required data. Data collected was analysed with the aid of Statistical Product and Services Solutions (SPSS) version 16.0. Of the estimated forty (40) management staff of MTN Ghana Limited, thirty-five (35) participants were selected from the target population. Standard multiple and hierarchical regression tools were the analytical methods employed for the work. The work revealed a positive relation between MTN’s financial performance and corporate social responsibility. It was also found that, only CSR towards community accounted for the highest variance in corporate financial performance. A major limitation is the scope of using only MTN whereas there are other major players in the telecommunication sector. Also, the point of view of customers should have been sought via primary sources.

Danquah¹⁶ assessed the effect of Emotional Intelligence (EI) on Relationship Marketing (RM), financial performance, service quality and customer satisfaction while assessing the mediation of RM, customer satisfaction and service quality in the EI and financial performance relationship. This study adopted a descriptive/quantitative research technique. It also combined primary (questionnaires) with secondary (annual reports) data for the study. Data analysis was done using SPSS. Respondents, 220 employees and customers for each bank, were contacted from 20 out of the 28 banks. The study established a positive relationship between emotional intelligence and relationship marketing, service quality, customer satisfaction and financial performance. Emotional intelligence came out as a strong predictor of service quality, customer satisfaction, relationship marketing and financial performance. Relationship marketing plays the key mediation role in the relationship between EI and financial. Two gaps were identified. First, Customer loyalty could have been included and used to assess its relationship with emotional intelligence. Additionally, the study focused on only commercial banks. Expanding the scope to include other service sectors such as telecommunication, insurance, health and hospitality would provide a stronger basis for generalizing this study’s results.

Gyamfi et al¹⁷, investigated the performance differences between foreign and local banks in Ghana. The study deployed ratio analysis to examine how the 25 selected local and foreign banks performed; with the use of time series data from 2005-2010. Parameters employed were Asset Quality, ROA, Management Efficiency, ROE, Capital Adequacy, Bank size, Earning Performance and Liquidity. The study found that on both ROA and ROE, local Ghanaian banks performed better than foreign banks. The foreign banks on the other hand, showed greater capital adequacy ratio and more quality assets (loans) than their local counterparts. The study also found local banks more efficiently managed than foreign ones; while the foreign banks are more liquid and have more earnings power relative to the local banks in Ghana. However, performance was not measured against a standard threshold such as industry averages which could have provided a more comprehensive report on their performance.

Sarpong Jnr et al¹⁸ assessed how efficient operating banks in Ghana were. The research employed financial ratios analysis methodology to evaluate the efficiency of listed banks on the Ghana Stock Exchange. Data was extracted from financial statements and annual reports of the banks for the period 2005 to 2011 for the study. Parameters employed to measure financial performance in the study were banks’ efficiency in improving asset quality, profit efficiency, liquidity, cost efficiency, financial leverage as well as exposure to the risk of foreign currency exchange rate. The outcome of the research revealed that sufficient capitalization was maintained by all the banks. However, asset deterioration was severe and rates among the highest in sub-Saharan Africa. The outcomes also depicted a deteriorating trend in their cost and profit efficiencies over the years. In terms of liquidity, all the banks held adequate levels and their exposure to foreign currency exchange rate risk was low. The use of only ratio analysis is perceived as a limitation since additional and more robust performance measurement tools such as CAMEL and DEA, could have been deployed.

Kwaning et al¹⁹ explored the dynamics of restructuring the Agricultural Development Bank (ADB), a dominant Ghanaian bank. Parameters used for measuring financial performance were Return on Asset (ROA), Return on Equity (ROE) and Capital Adequacy Ratio (CAR). Both primary and secondary data collection methods were used. The study found that what motivates ADB’s restructuring hinges on changes in the commercial environment, the bank’s governance system, its defective strategic control and performance. Respondents are too few and their geographical locations are not representative. The period used for the study is not enough to capture the real impact of the restructuring exercise. And again using only profitability rations to ascertain the banks financial performance is inadequate.

Donkor and Tweneboa-Kodua²⁰ looked at the efficiency, liquidity and profitability of Asante Akyem rural bank (AARB) from 2007 to 2011. Return on assets, Gross and Net profit margins were the parameters used in the study. Data was drawn from both primary and secondary sources. Interview of key officials of the bank provided reasons for the identified trends. Financial ratios were calculated to determine the efficiency, profitability, and liquidity of the bank. With the exception of the year 2010, the bank achieved growth in its profitability for the rest of the years. The study also found that the banks liquidity is weak and management is inefficient. The use of one rural bank in the study is insufficient to proxy the profitability of rural banks in Ghana for the period. Again, the use of only profitability ratios is not sufficient due to the availability of more rigorous and robust tools for evaluating financial performance of banks.

Acheampong²¹ examined how the entry of foreign banks in Ghana between 1975 and 2008 impacted on the financial performance of two Ghanaian banks, Merchant Bank Limited and Commercial Bank. The model used in the study was bank’s profitability and the indicators employed included liquidity, capital adequacy and an entry dummy variable. The outcomes suggested that domestic banks’ return on assets increased due to the entry of foreign banks. The results also confirmed that the entry of foreign banks significantly improved the profitability margins of domestic banks. Additionally, of all the independent variables employed in the study, liquidity showed a comparatively superior multiplier effect on the return on assets of the domestic banks during the reference period. The use of only three quantitative variables constituted a limitation since other variables such as market risk and debt ratio could have augmented or improved the coefficient of determination (R-squared).

Vadiraj and Narahari²² attempted to design a model for predicting average revenue per user (ARPU) trends. This was to serve as a guide to telecommunication service providers for the formulation of strategies to improve their ARPUs. The outcome of the study, through regression analysis, revealed that subscriber base, new users added periodically and number of operators are the key determinants of how much a user spends on the average. A clear weakness in the study is the limited and non-inclusion of predictor variables such as customer experience and network quality, which are relevant in determining telecoms revenues.

Rahul and Xue²³ examined the extent to which some selected factors contribute to the revenues of Telecom companies in India and China. The work used time series data spanning 2000 to 2010 period on technology innovation, government regulation and policies as well as number of subscribers. A causality test (granger), found no causality running from number of subscribers to the revenue. Nonetheless, the study found a causality running from technological innovation to the revenue of the telecommunication sectors in both countries.

Shmelev²⁴ studied the relation between key KPIs in a Russian telecom company. The objective was to unearth the relation between strategic KPIs (Revenue and Margin) and local KPIs (Operational Efficiency). Additionally, the study sought to resolve the problem of nonlinear relation among some KPIs. The final result of the study was the development of a model for the calculation of the telecom company's Revenue and Margin indicators.

From the foregoing, it’s apparent that a considerable amount of existing literature that explored financial performance in the telecoms as well as the financial sectors in Ghana adopted what I shall call the output approach; thus predicating their performance analysis on outputs of financial plans and systems as reflected in financial statements of firms. The other strand of research on the topic essentially assessed and evaluated the relationships, if any, that existed between financial performance and selected indicators and/or operational practices. From the foregoing, it is clear that there is limited literature that explored telecommunications firms’ financial performance from the internal KPIs perspective.

3. CONCLUSION:

A paradigm shift to financial performance analysis, which explores the nature and extent of impact of the internal key performance indicators on the overall financial performance of firms, will complement financial performance analysis literature both in industry and academia. This approach will serve as empirical inputs into business planning and budgeting processes as well as prioritization and investment decision making. Because performance of the internal KPIs are trackable and measurable, their extent of contribution to overall performance can be easily determined. Hence non achievement of financial goals can be traced to specific indicators, causes diagnosed and remedial measures implemented to arrest financial under performance. This will lead to efficiency and effectiveness yielding improved financial performance, which ultimately will be reflected in the overall financial statements.

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Received on 21.10.2017 Modified on 07.12.2017

Asian Journal of Management. 2018; 9(1):500-506.

DOI: 10.5958/2321-5763.2018.00078.1